4) What is the value of CP's revised offer on December 8 (before CP "sweetened" its offer by adding the CVR security)? In your analysis, assume the following: A valuation date of December 31, 2015 and year-end cashflows; The standalone (pre-merger) values of CP and NS are $134 and $80 per share, respectively; NS shareholders approve the merger and the Surface Transportation Board (STB) approves it; . Investors expect 100% of projected merger benefits to be realized. What is the value if investors expect none of the projected merger benefits to be realized? NS must debt finance 100% of the cash portion of the revised offer ($32.86 per share)